CHICAGO IL REAL ESTATE STATS PACK - June 23, 2008
Good Morning!
Today, many with somewhat blemished credit, and low down payments, turn to FHA loans to finance their new home purchases. FHA-backed loans offer fixed term, and competitive interest rates. Seller assistance on closing costs is permitted, and certain costs can be added to the loan amount to reduce the amount of cash required to close.
However, the FHA may soon be clamping down on third-party companies who help the buyer obtain seller contributions on their home down payment - previously allowed under FHA funding rules. These firms, under the cloak of "charitable organizations," allow the seller to place a down payment credit with them, which subsequently gets credited to the buyer at closing, minus a $400 to $600 "processing fee."
Read our post today at BlogChicagoHomes.com for more details on the FHA proposals.
Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, June 23rd.
Communities and clients we serve reside, or plan to reside, in the Chicago Neighborhoods of The Chicago Loop, The Gold Coast, River North, Lincoln Park, Lakeview, Uptown, Edgewater, North Center, Lincoln Square, Albany Park, Ravenswood, Wicker Park, and Bucktown.
Also, these Great Chicago Neighborhoods: Logan Square, Rogers Park , West Ridge, Portage Park, Jefferson Park, Norwood Park, Sauganash, Edgebrook, and Edison Park. Plus All Chicago Suburbs.
SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE
ACTV LISTINGS JUST SOLD CLOSED EXPIRED
w/e June 23rd 5,266 68 74 54
w/e June 16th 5,241 44 67 45
% CHANGE +0.5% +54.5% +10.4% +20.0%
CLOSED PROPERTIES DATA
AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME
w/e June 23rd $332,556 167 DAYS $24,609,185
w/e June 16th $347,625 169 DAYS $23,290,902
% CHANGE -4.3% -1.2% +5.7%
THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -
w/e June 23rd - LAST 12 MOS - 19.08 LAST 6 MOS - 22.64 LAST 3 MOS - 29.16
w/e June 16th - LAST 12 MOS - 18.84 LAST 6 MOS - 23.22 LAST 3 MOS - 28.74
PERCENT OF HOMES SELLING IN 180 DAYS -
w/e June 23rd - 22.75% (UNSOLD - 77.25%)
w/e June 16th- 22.63% (UNSOLD - 77.37%)
SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA
OBSERVATIONS
The mid-month Sales Pending and Transactions Closed statistics had a positive jump from last week, when both indicators showed declines.
Average Sales Price dropped slightly, as while total volume increased somewhat, reflecting the bounce back last week in Closed Sales. Average Market Time is still too high!
Absorption Rate, or average inventory turnover, surprisingly increased another 1.5% this past week - unexpected, given the jump in Pending Sales and Closed Sales. The theoretical level of home inventory in the City of Chicago areas we serve no stands at just nearly 29.2 months, on average.
Percentage of Sale Within Six Month (180 Days) held fairly stable once again this past week.
RATE AND MARKET CHECK
Average 30-Year Fixed Mortgage Rates increased sharply last week - by 0.1%, versus the week ending June 12th. Average rates averaged 6.42% for the week ending June 19th. One year ago, average 30-Year Fixed Mortgage Interest Rates were 6.69%. The last time rates exceeded the 6.40% level was last September 27th, when they again averaged 6.42%.
Here in the Chicago area, we've seen conventional fixed rates to well-qualified buyers top the 6.75% threshold in some cases.
"Fixed-rate mortgage rates continued to climb this week to the highest point in nearly nine months following the release of May's consumer and producer price indexes, both of which showed stronger levels of inflation," said Frank Nothaft, Freddie Mac Vice President and Chief Economist. "Additionally, consumer prices rose 0.6 percent last month, the most since November, 2007, and traders began to fully price in a Federal Reserve rate hike by the end of September, based on the federal funds futures market."
"Meanwhile, the housing market still struggles. New construction of single family homes fell in May to the weakest pace since January 1991 and April's starts had a downward revision."
For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.
Need detailed market trends on any Chicago Neighborhood or Suburb? Just give us a call!
DEAN MOSS & DEAN'S TEAM CHICAGO
